Land Registry reports 0.9% rise in house prices in September

The Land Registry has today reported a rise in house prices in England and Wales in September.

According to the Registry, house prices rose by 0.9% in September compared with August putting the average cost of a home at £158,377.

It must be noted that the Land Registry compiles its data from completed transactions and therefore lags behind other monitors of the housing market but is seen as the most authoritative.

The Registry said the annual rate of deflation is now down to 5.6%, while the average house price in London is now just 3.2% below the level it was in September 2008.

London saw the biggest rise in prices during the month with an average increase of 1.3%, while the average price of a property in the capital has reached £314,954. However, the North-East and Wales experienced price falls during the month.

Meanwhile, flats and maisonettes across England and Wales experienced the biggest annual fall in prices, down 6.8%, while detached homes were down 4.3%.

On Friday, Nationwide Building Society is due to release its house price index for October. Last month, it said prices were up for the fifth consecutive month, taking the average price of a UK property to the same level as September 2008.

In related news, last week the Land Registry announced plans to close 25% of its national offices, which will result in 1,500 job losses.

Back in August, the Land Registry said the property market slump has resulted in its “workload and income having fallen off a cliff”.

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